Outside enterpreneurial capital

Cosh, A. and Cumming, D. and Hughes, A. (2009) Outside enterpreneurial capital. Economic Journal, 119 (540). pp. 1494-1533. ISSN 0013-0133

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This article investigates factors that affect rejection rates in applications for outside finance among different types of investors (banks, venture capital funds, leasing firms, factoring firms, trade customers and suppliers, partners and working shareholders, private individuals and other sources), taking into account the non‐randomness in a firm’s decision to seek outside finance. The data support the traditional pecking order theory. Further, the data indicate that firms seeking capital are typically able to secure their requisite financing from at least one of the different available sources. However, external finance is often not available in the form that a firm would like.

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Journal Article
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Economic Journal
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05 Dec 2018 13:28
Last Modified:
22 Nov 2022 06:45